Circle Web3 Wallet Upgrade
“Major launch from Circle today. Radically simplifying building, deploying and operating Web3 apps. Pushing the crypto into the background and enabling consumer utility.” – Jeremy Allaire
Circle Internet Financial is the issuer of the USDC stablecoin, and they have introduced an upgrade to their Web3 programmable cryptocurrency wallet that allows merchants to pay their customers’ transaction fees on their behalf. The new feature is called “Gas Station,” and it allows businesses to sponsor their users’ transaction fees – the cost of transferring funds on the blockchain – and utilizes an ERC-4337 paymaster.
Initially, Gas Station has been enabled on the Polygon (MATIC) mainnet and testnet, and the Ethereum (ETH) testnet, and will be expanded to more blockchains in the future. These features enable merchants to provide a seamless and affordable experience for customers conducting blockchain transactions.
No Gas Fee for Users
In addition, Southeast Asian super app Grab is currently testing the Gas Station feature, which aims to provide a fee-free experience for Singaporean users who redeem rewards using NFT (non-fungible token) vouchers on Grab’s Web3 wallet. The project aims to lower the financial barriers for users to interact with blockchain technology.
In addition to the Gas Station feature, Circle has introduced a smart contract platform, which helps developers accelerate application development by providing a comprehensive solution to import, explore, deploy, and manage smart contracts. The product’s API is currently available on Avalanche (AVAX), Ethereum, and Polygon, with the goal of making blockchain transactions more accessible to a wider audience. Gagan Mac, head of Web3 services at Circle, highlighted the company’s efforts to lower blockchain transaction fees for users and help businesses reap the benefits of blockchain networks.
Summarize Upgrade Key Points
- Gas Station: A feature that abstracts blockchain network fees (gas) for both developers and users. This eliminates the need to manage gas tokens and provides a gasless user experience. Gas tokens are required for blockchain operations, which creates challenges for app developers and end users, especially when it comes to Externally Owned Accounts (EOAs). Gas Station makes it easy to support gas tokens on EVM-compatible L2 chains and provide a gasless user experience. Use the Gas Station feature to provide a fee-free experience for users who redeem rewards using NFT vouchers on Grab’s web3 wallet. This is an effort to lower the financial barrier for users to interact with blockchain technology.
- Improve User Experience: Gas Station provides a seamless and economical experience for users conducting blockchain transactions. Merchants can pay transaction fees for their customers, which can open up a wider range of users for applications that use blockchain technology.
- Smart Contract Platform: A feature that simplifies the interaction of smart contracts in applications. It simplifies the process of embedding smart contracts into apps.
What to Expect from the Update
- Democratize blockchain technology: Circle’s updates contribute to the democratization of Web3 by making the technology known to more users and businesses and making it easier to use. This can further unlock the potential of blockchain technology and promote its use in various fields. Web3 provides new web experiences based on blockchain and cryptocurrencies. Circle’s update will make Web3 technology known to more users and businesses and make it easier to use. This will promote the popularization of blockchain technology and its use in more diverse fields.
- Improve user experience: Gas fee management through Gas Station: Gas fees have been one of the main factors that hinder user experience in blockchain transactions. Circle’s Gas Station solves this problem by simplifying the complex process for developers to manage gas fees for users, and providing users with a gas-free experience. This opens up applications that use blockchain technology to a wider audience.
Therefore, the release of Circle is an important development in the Web3 industry to promote the spread of blockchain and smart contract technology through improved user experience and easier accessibility of the technology, contributing to the democratization of Web3. These updates will make it easier and more convenient for users to use blockchain technology and allow more businesses to benefit from blockchain.
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